Bitcoin has broken $30,000, and the price has reached its highest point since June 2022. This price increase has reversed the cryptocurrency market’s downward trend over the past few months. It has caused Ethereum, among other cryptocurrencies, to rise in value.
With that being said, how has it affected the NFT market? Let’s dive in and take a look.
1) NFT Market Cap & Volume
The market trend is mixed in the second week of April. Sales decreased by 24.36% to 32K, and Sales USD subsequently fell by 19.80% from $110.8 million to $91.3 million. Primary Sales decreased by 25.66% to 9K, while Primary Sales USD only slightly increased by 2.45% to 3.24 million.
Additionally, the total value of Active Market Wallets decreased by 18.97% to 23.6K.
The NFT Market Cap decreased marginally by 1.06% to 9.54 million ETH in the second week of April. However, the seven-day volume of NFTs traded exhibited the same pattern with a sharp decline of 17.13% to 151.6K ETH.
2) Have Paper-handed NFT Collectors Left the Market?
Compared to the first week of April, activity in the NFT trading market generally decreased in the second week. In the second week of April, the number of traders on the NFT market increased slightly by 0.35% to 4.33 million, while the number of NFT holders fell by 13.27%. Additionally, there was a significant 17.18% decline in the number of sellers, while buyers dipped by 4.92%.
These numbers could indicate a decline in consumer interest in NFTs. However, the fact we saw a sharp decline in sellers, it could mean that paper hands have already sold out. Several factors, such as consumer behavior changes, market sentiment, and price changes for NFTs, may also influence this trend.
3) Drop in NFT OpenSea Trading
The number of transactions on OpenSea fell by 2.5% to 197.38k. Furthermore, the marketplace’s trading volume decreased by 12.89% to $52.53 million, indicating that users traded less aggressively on the platform than in the first week of April. Furthermore, OpenSea’s smart contract balance increased by 2.33% to $74.8K in the second week of April.
4) Loss in Blur Activity
The Blur platform saw fewer users actively trading, as evidenced by a 7.29% drop in transactions to 101.68k on the platform. The remarkable decrease of 12.32% in trading volume to $251.15 million indicates that investors are less willing to invest in the platform.
In addition, given that the smart contract balance decreased marginally by 0.15% to $128.09 million, some investors may have withdrawn their money.
5) Solana NFTs
The average price and the number of traders in Solanart fell, but trading volume increased slightly in the second week of April. The average price of NFTs on Solanart has dropped by 13.64% to $70.12. Despite the decline, Solanart remained the leading NFT marketplace regarding trading volume.
OpenSea, on the other hand, saw a significant increase in the average price of NFTs and trading volume, rising 271.5% to $76.15 and 218.31% to $28.71K, respectively. Moreover, OpenSea saw a decline in the number of traders resulting in a 19.63% dip to 351.
6) Polygon NFTs
Despite a 23.89% decrease in the average price of NFTs from $35.89, OpenSea maintained its position as the top NFT marketplace in terms of both the number of traders and trading volume. Additionally, the trading volume decreased by 28.9% to $4.33 million.
The number of traders, trading volume, and average price decreased significantly on Jump.trade. The number of traders dropped by 35.31% to 218, the trading volume went down by 81.96% to $6.42k, and the average price of NFTs fell by 28.19% to $21.21.
The average price of NFTs on OKX NFT Marketplace increased by 117.45% to $7.85. Despite a 13.24% decrease in the number of traders to 177, the trading volume fell by 38.4% to $3.43k.
Decentraland saw a significant drop in the number of traders and trading volume, with a 38.57% and 41.81% drop, respectively. NFTs’ average price increased by 61.9% to $3.76.
The popularity of Element went up dramatically across the board. Further, the average price of an NFT rose 631.3% to $3.34, while trading volume surged 567.4% to $140.43.
7) Actionable (Non-Financial) Advice
Every week we will offer some actionable tips for those that want to get more involved in the NFT market. The sections will vary but we’ll be bringing you something every week.
1. Bargains to be had within the NFT space.
With the recent events of SVB going bust and the macro environment still under FED tightening liquidity, issues are affecting the NFT space. With this being the case, many projects are at bargain prices from where they were trading only a few months back.
Listed below are some that you could potentially consider.
A degen project for sure, but this collection is constantly being featured for partnerships. The collection once traded at a floor price of over 8 ETH. The latest partnership that this collection is featured is with Delabs’ Rumble Racing Star (the adventure pass just minted and that collection was highlighted as a project to keep an eye on).
Moonbirds by Proof once traded at a floor price of over 36 ETH. Although we cannot see it ever reaching that price point, it is still as blue chip, This collection was severely affected by the SVB saga. The current price of just over 3.1 ETH is worth considering if you want to be part of an elite community. Any collector buying into the collection is declaring that they are art lovers as this is the value prop going forward for holders.
Similar to Moonbrids, Doodles is also regarded as a blue chip. With a mission to onboard the masses by expanding their IP collection, the collection once traded at a floor price of over 25 ETH. Holders can pick up a Doodle for a current floor price of just under 2.8 ETH.
2. A project that could be worthy of your attention.
The Dev’s NFT
The collection was a free mint. Currently trading with a floor price of 0.07 ETH, this project could go anywhere. Art is by Emmy Award-winning director Jake Feguson and unverified rumors are circulating the Dev behind the collection works for Yuga Labs. Nonetheless, the project is executed brilliantly and the Dev even has his own movie clips on Twitter. Check it out.
7) Quick News Round-Up
- Solana Outperforms Polygon in NFT Sales.
- Solana outperforms Polygon in the NFT market due to its faster transaction speeds and lower fees, and both platforms are trying to attract digital asset creators and buyers.
2. Shibuya and Bruce Lee Estate Partner for Web3 Presence.
- The legendary martial artist and actor Bruce Lee’s estate has joined forces with NFT-driven video platform Shibuya to forge a presence in the Web3 ecosystem.
- The collaboration will result in the production of unique Bruce Lee NFTs and the debut of a Shibuya channel showcasing Bruce Lee-related content.
3. Azuki, Chiru Labs’ NFT Creator, Collaborates With LINE Friends for New NFT Collections.
- The popular NFT character Azuki’s creator, Chiru Labs, has partnered with the international character company LINE Friends.
- New NFT collections featuring LINE Friends characters will be produced as part of the collaboration and sold on the Chiru Labs platform.
- The partnership demonstrates the potential for partnerships between well-known brands and NFT creators. It highlights the growing interest and investment in NFTs as a new digital art and collectibles genre.
4. Razer, the Gaming Hardware Giant, Plans to Build a Web3 Metaverse.
- Razer, a top gaming hardware maker, plans to create its Metaverse platform on Web3.
- Project Hazel is creating a decentralized virtual world that enables users to interact with each other and digital assets securely and effectively.
- Razer’s entry into the metaverse showcases the increasing interest and investment in Web3 technologies that aim to establish decentralized and user-controlled systems.
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